Hold L and press A, Y, A, Y, B at the main menu. The "Cheats" option will now be unlocked in the option menu.
From there you can use one of the following name codes:
Unlock the following extras, do the tasks listed below:
Knock out your opponent and catch the mattress on fire. After that, your opponent will probably wake up. Knock him out again, then grapple him and walk him over to the fire. Let him get out of the hold, then you can walk out of the fire. If he is able to get out of the fire, repeat.
Complete talk show mode with a created wrestler. Modify the created wrestler for each segment For example, cow girl costume for the truck yard and the ICP face pain man for the talk show. After completing it, the unlocked players will fight you in the bonus games except Masked Horn Dog and El Drunko.